Okta, the identity and device management firm based in San Francisco, has filed to go public. According to its S-1 form with the US Securities and Exchange Commission, Okta plans to raise up to $100 million of Class A common stock through an initial public offering and trade on the NASDAQ market under the symbol OKTA.
Goldman, Sachs, JP Morgan Securities and Allen & Company are lead underwriters for the proposed offering, Okta said. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., Canaccord Genuity Inc. and JMP Securities LLC are acting as co-managers.
Founded in 2009, Okta provides a broad set of identity-related functionalities for the enterprise. Its Identity Cloud integrates with more than 5,000 apps and enables secure access from any device. The company’s major customers include 20th Century Fox, LinkedIn, News Corp, Dish Networks and Adobe. Okta is building up its identity platform for developers and recently brought on the team from Stormpath, an identity management company for API software.
As of October 31, 2016, more than 2,900 customers — in more than 185 countries and across nearly every industry — used the Okta Identity Cloud, the company noted in its SEC filing.
Okta made note of its “significant growth,” with revenue increasing from $41 million in fiscal 2015 to $85.9 million in fiscal 2016, an increase of 109 percent.
At the same, Okta noted it incurred net losses of $59.1 million and $76.3 million in fiscal 2015 and 2016, respectively, due to its continued investments.
“We have incurred significant net losses in each year since our inception,” the company noted. “We expect to continue to incur net losses for the foreseeable future. Because the market for our platform is rapidly evolving and has not yet reached widespread adoption, it is difficult for us to predict our future results of operations.”